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You’re a billionaire. The problem with being a billionaire is that you make a lot of money that you don’t want the government to get their grubby little hands on. So we need a way to hide your wealth discreetly, to reduce your tax burden.
Buying the art. The fine art world is a very exclusive circle that is made up of only a few exquisite galleries or dealers where art gets sold for the first time, and two major auction houses where art gets resold for increasingly higher prices.
So you go to the gallery of your choice, pick a piece, they don’t put the price on display so you’re gonna have to ask, and when you finalize on a price, it’s then time for step #2 where are you gonna store the art.
Storing the Art. Now, there’s two kinds of ultra wealthy that buy fine art: One are the people that genuinely enjoy art and then there are the ones that purely see art as we called it – a financial instrument to grow their money and get the government’s grubby hands off their wealth. If you really don’t care what the artwork looks like, what you can do is purchase the artwork, and have it shipped directly to what’s called a “freeport” which are giant warehouses that you can think of as the physical equivalent of a Swiss bank account.
Pump up those numbers. Art is like any other asset like real estate or stocks. If you own a painting of one artist and other pieces from that artist keep selling for higher and higher prices, the value of your painting goes up too – at least on paper. And this is where the gallery and dealers will do most of the work. Since the most prestigious galleries get the artists they choose to work exclusively through them, they can do some pretty cool tricks to up the value of their art, and thus upping their commission.
Donate. Let’s say you bought a painting for $10,000,000 a few years back. And today, it’s now worth a nice $50M. So you put $10m into this financial instrument, now you have $50m on paper, and you have that disgusting $37m tax bill staring at you in the face. What you can do is donate that painting to a museum. And then, write off that $50m donation to reduce your $100m of taxable income.
Philanthrope, No Spirit – Pacific https://chll.to/6626a694
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